On Monday, April 13, NEAR Protocol (NEAR) continued with its bull trend in the last trading session, continuing its bullish sentiment as the price moved closer to an important technical level. Market sentiment remained calm as price gains attracted the attention of investors.
According to CoinMarketCap data, NEAR is trading at $1.40 with a 24-hour increase of 4.07%. The token’s 24-hour trading volume has been witnessed to rise by 6.98% and now stands at $223.52 million. The token has also recorded a 9.81% gain over the last week.
Also Read: NEAR Protocol Rally Gains Strength as Bulls Eye $1.40 Resistance
NEAR Eyes Breakout From Descending Channel
Analyst Profit Demon highlighted the formation of a descending channel on the three-day chart. The price action seems to be heading towards the 50 moving average, which is considered a crucial level.
In case the breakout sustains, there are multiple targets for the bulls in the coming days. These target zones are $2.00, $2.60, $3.40, $4.30, and $5.90.
Additionally, another analyst, Shaun, mentioned that NEAR appears coiled for a potential move. The chart shows price consolidating within a tight range after a recent pullback. Strong support is seen near the $1.320 level.
The analyst noted consistent absorption of selling pressure within this range. The buyers are slowly entering to protect the local bottom. This indicates a likely reversal formation in the short-term horizon.
The expected market trend is upward according to the present pattern. The recommended entry level is in the range of $1.360-$1.370. The proposed stop-loss level is set at $1.315 to hedge against any downward price movement.
The upside targets are at $1.400, $1.450, and $1.520. These levels mark potential resistance zones if momentum continues.
Open Interest Climbs Amid Volume Decline
Mixed market conditions were noted from derivatives data. CoinGlass data shows a 32.21% decrease in volume to $293.48 million. An increase in open interest is recorded by 3.24% to $265.67 million. The funding rate stayed at 0.0004%.
EMAs Tighten as Price Tests Upper Band
On a daily chart, exponential moving averages show a tightening structure. The 20 EMA level is 1.300, while the 50 EMA is at 1.282. Price trades near these two short-term lines.
The 100 EMA value stands at the 1.373 level, which is slightly higher than the current price. Meanwhile, the 200 EMA level is located higher at 1.667.
The volatility boundaries are marked with Bollinger Bands. The upper boundary is at 1.422, the SMA middle line is at 1.260, and the lower boundary is at 1.097. The price is currently trading close to the upper boundary.
The cryptocurrency is trading in the key technical range. Upside and downside scenarios are still relevant in terms of potential movements. Price reaction near resistance will be important for future developments.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
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